A bill now signed into law by North Carolina Gov. Pat McCrorywill enable financial institutions to protect older and disabledadults from financial exploitation.

The “financial exploitation of older adults” law was backed bythe $26 billion StateEmployees' Credit Union of Raleigh, N.C., the North CarolinaCredit Union League, the North Carolina Bankers Association and thestate's attorney general's office.

The new law requires all financial institutions to report toauthorities cases where there is reasonable cause to believe that adisabled adult over 18 or older adult 65 or above is the victim ortarget of financial exploitation, according to a statement releasedby SECU on Monday.

What's more, the law also protects financial institutionofficers or employees from any liability when they “act in goodfaith.” The legislation also encourages, but doesn't require,financial institutions to offer older adult members the opportunityto submit a list of trusted persons to be contacted in case offinancial exploitation.

“As members navigate various life stages, they encounterchallenges which become more prevalent in their later years,” saidDebbie LaBarbera, SECU senior vice president. “SECUis prepared to assist its members with these challenges bycontinuing our efforts to identify suspected financial exploitationand providing additional resources and services for older membersas needed.

The Financial Exploitation of Older Adults law is anacknowledgment of the necessary protection for North Carolina'smost vulnerable citizens, and we look forward to working with otherfinancial institutions and local and state authorities to implementthe legislation — it's the right thing to do.”